SEC Signals 75% Approval Odds for Spot Ethereum ETF, Ether Prices Surge 23%

May 21, 2024, 03:00 PM

The odds of the U.S. Securities and Exchange Commission (SEC) approving a spot Ethereum (ETH) exchange-traded fund (ETF) have surged, causing a significant rally in the cryptocurrency market. Bloomberg analysts have increased the approval odds to 75%, up from 25%, leading to a 23% rise in Ether's price to around $3,600. The SEC has asked exchanges to update their 19b-4 filings on an accelerated basis, signaling a potential approval as soon as this week. Polymarket odds also reflect this optimism, with a 69% chance of approval by May 31. Five major asset managers, including VanEck, have amended their filings. This optimism has also driven a surge in related digital assets, including memecoins. The approval of a spot ETH ETF is expected to significantly impact the market, with analysts predicting Ether's price could rise to $6,600 if the ETF is approved.